Rajputana Stainless IPO
Market Sentiment
Market Lot Size
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 950.69 | 915.50 | 937.49 | 502.77 |
| Expense | 922.11 | 873.18 | 882.85 | 470.45 |
| Profit (PAT) | 24.04 | 31.63 | 39.85 | 24.41 |
| Total Assets | 297.34 | 324.01 | 420.36 | 448.80 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Mangalam Worldwide Ltd | 22.57 | 10.59 | 11 |
| Mukand Ltd | 26.34 | 5.24 | 8 |
| Electrotherm Ltd | 3.16 | 347.06 | -278 |
| Panchmahal Steel Ltd | 182.18 | 1.74 | 2 |
Promoters: Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 6,89,17,658 | 78.22% |
| Promoter Holding Post Issue | 8,35,67,658 | 57.01% |
Company Information
Rajputana Stainless, founded in 1991, is one of the leading companies to manufacture long and flat stainless steel products. Its product portfolio includes a wide range of stainless steel products such as billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products available in more than 80 different grades. The firm sells its products via direct sales and traders, as well as exporting to other countries, including the UAE, the USA, Turkey, Kuwait, and Poland. Moreover, the firm also supplies its raw materials to various industries includes seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. Its manufacturing unit is situated in Kalol, Gujarat, covering 35,196.98 sq. m. Its facilities include modern equipment like an induction furnace, AOD, continuous casting machine (CCM), heat treatment unit, rolling mill, and bright bar shop.
| Purpose | Amount (Cr) |
|---|---|
| Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); | 18.57 |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and | 98.00 |
| General Corporate Purpose | - |
Resources & Documents
Rajputana Stainless Ltd., 213, Madhwas,, Halol Kalol Road, Kalol,, Panchmahal, Halol, Gujarat, 389330
Rajputana Stainless has set a price band of Rs 116–Rs 122 per share for an issue size of Rs 255 crore. The stock listed with a 1.60% gain versus its issue price on March 19, 2026.
Rajputana Stainless, founded in 1991, is one of the leading companies to manufacture long and flat stainless steel products. Its product portfolio includes a wide range of stainless steel products such as billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products available in more than 80 different grades.
The issue is promoted by Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta with Nirbhay Capital Services Pvt. Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to… (Rs 19 crore) and Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and (Rs 98 crore).
Grey market is quoting a premium of +Rs 3 (+2.5% over issue price), up Rs 3 from the previous session. Final subscription data records overall subscription at 1.12x, retail at 0.27x, QIB at 2.51x, NII at 2.59x.
On fundamentals, the company is posting revenue growth of 2.4%, a profit margin of 4.3%, return on equity of 30.2% in its most recent reported period. Listed peers in this segment include Mangalam Worldwide Ltd (P/E 22.57x, market cap Rs 11 crore) and Mukand Ltd (P/E 26.34x, market cap Rs 8 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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